Technical outlook and chart setups:
The yellow metal has stalled around $1,125.00 levels in its counter trend rally till now. Please note that the metal has reached fibonacci 50% resistance of the drop between $1,175.00 to $1,077.00 levels respectively. A resumption of the bearish move is possible from current levels or from $1,130.00/35.00 levels respectively. Bears are expected to remain in control till prices are below $1,175.00/$1,200.00 levels. It is recommended to remain flat for now, looking for a bearish turn around $1,130.00/35.00 levels. Immediate support is seen at $1,100.00 levels, followed by $1,090.00, $1,080.00 and lower while resistance is seen at $1,130.00/35.00 levels, followed by $1,167.00, $1,175.00 and higher respectively.
Trading recommendations:
Remain flat for now.
Good luck!
